1744. Charles Edward sails for Scotland, and marches upon Derby. Panic. Run upon the Bank,—is obliged to pay in sixpences, and to block its doors, in order to gain time.
1772. Extensive failures and a monetary panic. The Bank maintains the convertibility of its notes for several years, at an annual expense of £850,000.
1793. War with France,—drain of gold,—Bank contracts,—panic,—failures throughout the country,—universal hoarding,—one hundred country banks stop,—notes as low as five pounds first issued,—general fall of prices.
1796. An Order in Council suspends specie payment by the Bank.
1799. Numerous failures,—chiefly on the Continent. The pressure in England relieved by an issue of Exchequer bills.
1807-9. Great speculations in flax, hemp, silk, wool, etc.
1810. Recoil of speculation,—extensive failures, and great demand for money.
1811. Parliament adopts a resolution declaring a one-pound note and a shilling legal tender for a guinea.
1814-16. Heavy losses and bankruptcies,—failure of two hundred and forty country banks,—the distress and suffering of the people compared to that in France after the bursting of the Mississippi Scheme.
1819. Law passed for the resumption of specie payments in 1823,—after a suspension of twenty-seven years.